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2021-10-31-accounts

Membership of the Court ofAssistants ..
Annual
Report ofthe Court ofAssistants.		 ,.....2-9
Independent Auditors'
Report ..		 ......10-13
Consolidated Statement of Financial Activities. ..14-15
Consolidated and Charity Balance Sheets .. .....16
Consolidated Statement
ofCash Flows ..		 . .17
Notes to the Financial Statements. . ..18-37

Htsnollrable ATtilltry Company The Membership of the CDUrt of Assistants of the Company a¥ at 31 October 2￿21 was: EX-OFFICIO MEMBERS Captain£eneral............. ..Her Majesty'Lhe Queen" Colonel Commandant & Pre5ident..........................General Sir Patrick Sanders KCB CBE DSO ADC GLn Vice President.............,.................................................................... . ..Majur P D C Vyvyan-Robinson TD Treasurer........... ..............-...................................................... .........-.-............-........,................,..M P Basing Esq Regimental Colonel... .... . .Lieutenant Culonel A D C Caie TD Commanding Offi￿r IResigncsd 01106/211............ Lieutenant Colonel J P Chorley Commanding Officer (Appointed 01/061211............................. .. ... ......-...Lieutenant Colonel A G E Bate Seniur Major.........................................................-................................................................ .. Major W H Grove Commander of the City of London Special Constabulary Dotachment .Spccial Superintendent P M P FitzGerald Captain of the Company of PikLmen & Muskctcers......... ...-...................................-.. Major R l Jackson TD Officer Commanding thc Light Cavalry..................................................... .. . A R Willis VR HONORARY MEMBERS¥ HRH Princc Michael of Kent GCVO, Iloyal Honorary Colcjnel Field Ma￿￿al SirJohn Chapple GCB CBE DL Brigadier General Joe Milano AHAQ Thc Lord Mayor, the AldermeTh the Recorder and Sherif15 of the City of Londun for the time being Not Trustees of the Company. TWENf¥-THREE MEMBERS lal Appuirtted by the CommAnding Officer. Sgt DudmaA I. A {b} Appointed by the Court uf A5515tAntJ.' l.j¢u1e￿Qn£ Colonel S l R Ilolliday TD,. G R Spnith Esq cl UHe to the coroArtv1rn5 p4ndemlc, there WAS no electivrt thrs yeAF. Instead, the tenn for existimg F.lected Assiylattts was extended hy th¢ AKnuAI GeMerAI LviiTt for R fvrther yeAr (one Assista*t W118 drAwnfrom the Lleclive list.. Major Q V Marmcnt VR12COII Major Gcneral S I,. N Lalor CB TD119931 SpLrial 5erseant Dr S F F.dwardg120201 Majcjr D Bri%don TD1211181 Major T L Davies TD119821 E A Seabru()k F..sq119911 Major J O Lei%hton'l'D {20U41 Captain I l D N M Voyantziq12007) Major R P Quain TD121J061 The Reverend Imajorl M W Bozerra Speeks CF 120161 Captain R M I luleatt-lame.$ TD120101 IT￿S18ned 24103/2021) Note.. T1￿ drtte i77 brockets $h(xv.¥ the yeor eocli member Twsfir51 Apyoinled or elect¢d to tlw Court. Licutcnant Colonel J R l.ongbottom MBE QVRM VR121K)21 Major I C S Mi)rpcth TD119921 C.aplain H R loe119971 I,ieutenant T I Mun¥Lir.Godfiey {2019) Major l A Ilobingon120161 Major S C Brisgb TD12003} Majur C O Wragg {2U201 Coplain T H Cardwell120161 M J Cutter1d￿ E5q120I91 L/Cpl WatBnn C_120211 (Appointed 24/03/20211 The Princlpal Executtve Offlcers 0£ the Company are., Chief ExeLUtive.... Court & Metnber5hip Secretary.................... Finance Controller.... .. ............,...............................,.. .. .. ...-..- .- .. Dir£rtor ol Catcring & Events..-.-.-. Housc Manager..-.....-............................................................................ .. .. . .S D Cronc OBr, ..D A K Frp?man l.vo ..S Hcwelt I",CCA .Mrs R Kitchin8 ..H W GreL'n E>q

Auditors Buzzacott LLP 130Wood Street,
London EC2V 6DL
Solicitors Charles Russell Speechlys LLP 5Fleet Place, London EC4M 7RD
Boodle Hatfield LLP 240 Blackfriars Road,
London SE18NW
Bankers National
Westminster		 Bank Pic 1Princes Street, London EC2R8BP
Property Daniel Watney LLP 165Fleet Street
Agents London EC4A 2DW
Investment Smith &Williamson 25Moorgate,
Managers London EC2R 6AY

Year ended 31October 2021
Total Total
Unrestricted Restricted Endowment 31-Oct 31-Oct
Funds Funds Funds 2021 2020
Note fooo 6)00 6000 6000 6000
INCOME AND ENDOWMENTS FROM:
Donations
and legacies		 3 3 34 37 56
Charitable
aetivihesi
Member subscriptions 309 309 310
Other income 7 184 191 204
Other trading activities 6 917 917 1,158
Investments:
Investment
property
income		 1,698 1,698 1,651
Listed investments 135 89 4 228 165
Interest on cash deposits 9
Total income 17 3,069 307 4 3/80 3,553
EXPENDITURE ON:
Raising Funds
Trading costs 6 878 878 1,132
Investment
property costs		 7 246 246 323
Investment
management
charges		 12 44 73 68
Charitable
activities:
Military
grants and other charitable		 151 267 418 668
expenditure
Maintenance
and operation of Armoury		 656 815
House
Membership
services and general		 10 732 734 780
adnunistration
Total expenditure 17 2.707 297 3,005 3,786
Net operating
income/(expenditure)		 362 10 375 (233)
Gairu/(tosses)
on investments
Net gain/(loss)
on Listed investments		 12 1,239 889 57 2,185 (868)
Investment
property
revaluation		 goes)/gain 11c (417) (417) 8,773
Net income 1,184 899 60 2,143 7,672
Other recognised
gains
Actuarial
gains on defined benefit		 pension 16 9 14
scheme
Net movement
in funds for year		 1,193 60 2152 7686
Funds brought fmward at1November2020 17 57,531 4317 119 61,967 54,281
Funds carried forward at31October 2021 18 58,724 5,216 179 64,119 61,967

Year ended 31October 2020
Total
Unrestricted Restricted Endowment 31-
Oct
Funds Frlnds Funds 2020
Note 6000 6000 6000 6000
INCOME AND ENDO WMENTS FROM:
Donations
and Ieganes		 55 56
Charitable
activiiiest
Member subscri ptione 310 310
Ottnrincome 204
Other trading activities 1,158 1,158
lm estments:
investment
praperly
mcome		 1,651 1,651
Listed mvestments 100 63 165
interest on cash deposas 7 2 9
Totalin co me 17 3427 324 3,553
EKPENDITURE ON:
Raising Funds
Trading costs 6 1,132 1,132
investment
properly
costs		 7 323 323
Investmen
I management		 charges 12 36 31 68
Chnritableactivities:
Mt h ton7 grants and other drari table expendi ture 8 383 283 668
Maintenance
and operation ofArmouni		 House 9 815 815
Membership
servtces and		 general adndnistration 10 774 780
Total expenditure 17 3,463 320 3 3,786
Net operatingincome (236) (1) (233)
Gainer(tosses)
oninvesanents
Net gain/(lass)
on Listed mvestments		 12 (525) (33I) (I2) (868)
investment
property
revatuatton		 gain Ilc 8,773 8,773
Net incornej(expenditure) 8,012 (327) (I3) 7,672
Other recognised gains
Actuarial
gains on def(ned benefh		 pension 16 14 14
scheme
Net movement infunds for year 8,026 (327) (13) 7,686
Funds brought forward at 1Navember 2019 49,505 4,644 132 54,281
Funds carried fonvard at 31October 2020 18 57,531 4,317 119 61,967

CONSOLIDATED &CH
31OCTOBER		 ARITY BALANCE SHEETS
2021 2021 2020 2021 2020
Group Group Charity Charity
Note 6000 6000 %000 6000
Fixed Assets
Tangible assets —own use
Tangible assets —Light Cavalry		 I1a
1Ib		 4,902
16		 5,149
13		 4,573
16		 4,820
13
Tangible assets —Heritage assets 1'lb 147 143 147 143
investment
properties		 11c 44,838 45,255 44,838 45,255
intangible
assets —software - own use		 lid 47 73 47 73
Listed investments 12 10,784 8,106 10,784 8,'106
Shareholding
in subsidiaries		 13 301 301
Total fixed assets 60,'734 58,739 60,706 58,711
Current assets
Stocks 7 6 1 I
Debtors and prepayments
Short-term
deposits
Cash at bank and in hand		 14 780
2,376
972		 743
2,376
832		 1,064
2,376
531		 907
2,376
527
Liabilities: 4,135 3,957 3,972 3,811
Creditors falling due within one year 15 (687) (657) (496) (483)
Net current assets 3~8 3,300 3,476 3,328
Total net assets before pension liability 64,182 62,039 64,182 62,039
Pension scheme funding liability 16 (63) (72) (63) (72)
NET ASSETS 64,119 61,967 64,119 61,967
CHARITABLE FUNDS
General Fund 17&18 l,681 1,194 1,681 1,194
Desiguatetl
Reserves
Fixed Asset Fund		 17&18
17&18		 7,318
49,788		 5x132
50,477		 7,318
49,788		 5,932
50,477
Less: Pension Reserve (liability) 16 (63) (72) (63) (72)
Restricted Funds
ltndowment
Funds		 17&18
17&18		 58,724
5,216
179		 57,531
4,317
I l9		 58,724
5,216
179		 57,531
4,317
119
TOTAL CHARITABLE FUNDS 64,119 61,967 64,119 61,967

Total Funds Total Funds
31-Oct2021 31-Oct2020
Nole 6'000 6000
Cash flows from operating activities:
Net cash (used) in operating
achvities		 (946) (2,042)
Cash flows from investing
activities:
Dividends,
interest and rent from investments		 1,680 1,504
Purchase of tangible
and intangible
assets		 lla/lib/lid (24) (291)
Purchase ofheritage assets lib (4) (4)
Purchase of investments
—listed investments		 12 (580) (560)
Disposal ofmvestments
—listed investments		 12 14 7
Net cash provided
by/(used
m) investing		 activihes 1,086 656
Change in cash and cash equivalents in reporting period 140 (1386)
Cash and cash equivalents
at 1November		 2020 3308 4,594
Cash and cash equivalents
at31October		 2021 3,348 3,208
2021 2020
6000 6000
Note
Reeoneiliation
ofnet income to net cash		 flow from
operahng
activihes
Net income for the reporting period 2,143
Adjustments
for:
Depreciation
Charges:
Depreciation,
amortisation
&impairment		 lie/lid 283 313
Light Cavalry and Pikeman &Musketeers depreciation lib 5 41
Loss on the disposal ofFixed Assets 6 2
(Gain)/Loss on Listed investments 12 (2,185) 868
Loss/(Gain)
on Investment
Property Revaluation		 1lc 417 (8,773)
Rents, dividends
end interest from investments:
Investment
property
income		 (1,698) (1,651)
Listed investments (228) (165)
Interest on cash deposits (9)
Investment
property
costs		 7 246 323
Investment
management
charges		 12 73 68
pncrease) in stocks (I)
(Increase)/Decrease
in debtors
Increase/(Decrease)in
creditors		 (»)
30		 109
(840)
Net cash (used in)/ generated
by operating		 aclivities (946) (2,042)
Analysis ofcash and cash equivalents
Cash in hand 972 832
Notice deposits (less than 3months) 2/76 2,376
Total cash and cash equivalents 3,348 3,208
At 31
Cash October
Reconciliation
ofnet debt		 At1November 2020 flows 2021
6000 f000 6000
Cash and cash equivalents 3208 140 ~348

Yea r ended 31Octob r ended 31Octob er 2021( er 2021( cont 'd)
3. Donations
and		 legacies 2021 2020
f000 OOOO
Unrestricted Fund 3 1
Benevolent
Fund		 Restricted Funds 13 53
Other Restricted Funds 21 2
Total 37 56
4. Member subscriptions 2021 2020
6000 6000
Paid by members 285 293
Tax recovered on Gift Aid subscriptions 55 49
Entrance fees 2 3
VAT payable on subscription income (33) (35)
Total 309 310
5. Other income 2021 2020
6000 6000
Pikemen
& Musketeers		 income Restricted 14 32
Funds
Light Cavalry income Restricted Funds 170 170
Other Events 7 2
Total 191 204
6. Other trading activities
2021 2021 2021 2020
Income Expenses Surplus/ Surpluttf
(Deficit) (Deficit)
6000 6000 6000 6000
Sutling 538 (652) (114) 34
Sports &grounds activities 332 (150) 182 (1)
Bedrooms 32 (52) (20) (25)
Car parking 11 11 43
Sale ofbooks, ties, cards and other income 4 3 1
Flank Companies' Ball
917 (855) 62 52
Other Expenses
Audit fees (5) (5) (10)
Administration charge (18) (18) (16)
(23) (23) (26)
Total 917 (878) 39 26

6. Other trading a cHvit ies
2020 2020 2020
Income Expenses Surplus'
(Deficit)
6000 6000 6000
Sutling 921 (887) 34
Sports &grounds activi ties 136 (137) (1)
Bedrooms 54 (79) (25)
Car parking 43 43
Sale ofbooks, ties, cards and otherincome 4 (3) 1
Flank Companies' Ball
1,158 (1,106) 52
Other Expenses
Audit fees (10) (10)
Administration charge (16) (16)
(26) (26)
Total 1,158 (1,132)
7. Investment property income and 2021 2020
expenditure
Income 6000 6000
Commercial 961 955
Residential 373 353
Other rental income 364 343
Total income 1,698 1,651
Expenditure
Management fees (including the Pencelli estate) 44 37
Cost ofinsurance, legal and professional fees 38 57
Maintenance and repairs 164 229
Total expenditure 246 323

No of No of
Grants 2021 Grants 2020
2021 6000 2020 6000
Grants to the Regiment
and Sub		 Units 14 151 14 342
Other charitable
expenditure
from		 Unrestricted Fund 7 3 7 7
Vambrace impairment
provision		 from Restricted Funds 55 34
Total grants paid from the Company's general resources 21 209 21 383
Grants from the Regimental
Grants		 Fund (not quantified) 2 37
Grants
from
the
Benevolent		 Fund to individuals from 15 15 17
Restricted Funds
Other charitable expenditure
from		 Restricted Funds
Grants to Pikemen &Musketeers from the Dugdale Bequest
Total grants paid 31 227 42 442
Pikemen &Musketeers
expenditure		 18 - 59
Light Cavalry expenditure 173 - 167
Total military grants and other charitable expenditure 31 418 42 668
9. Maintenance
and operation ofArmoury		 House
2021 2020
6000 6000
Staff costs, including
taxes and pension		 contributions 371 409
(including
contract and temporary		 staff)
Rates, water, power and heating 82 106
Cleaning and waste removal 40 41
Property
maintenance
and repairs		 206 303
Treasures, Archives 49 60
Recharges to trading subsidiaries (92) (104)
Total 656 815

2021 2021 2021 2020 2020 2020
8000 6000 F000 6000 6000 6000
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds
Staff costs, including taxes,
pension contributions and
pensions to former employees 419 419 453 453
Employee termination payments 19 19 3 3
Office services, ITand
telephone 99 99 128 128
Membership
administration		 14 14 20 20
Insurance 96 96 87 87
Publications 25 25 59 59
Bank charges, other legal and
professional
costs		 42 42 39 39
Recharges to trading
subsidiaries (65) — (65)
Benevolent
Fund
administration
costs		 2 6 6
Governance 29 29 50 50
732 2 734 774 6 '780
Auditors'
remuneration
(excluding VAT) included in
above total:
Audit Fees 24 24 30 30

lla. Tangible fixed assets Freehold' Furniture, Subsidiary
for own use Leasehold Land Plant and Charity Freehold Group
sr Buildings Equipment Total Land Total
OOOO OOOO 0000 0000 OOOO
Cost
At 1November 2020 8,574 1,875 10,449 329 10,778
Additions 10 10 10
At 31October 2021 8,584 1,875 10,459 329 10,788
Depreciation
At 1November 2020 4,481 1,148 5,629 5,629
Charge for year 120 137 257 257
At 31October 2021 4,601 1,285 5,886 5,886
Net BookValue
At 31October 2021 3,983 590 4,573 329 4,902
At 31October 2020 4,093 727 4,820 329 5,149

11b. Tangible fixed assets, contd Ptkemeu tk
Light Cavalry
f000		 Musketeers
f000		 Heritage Assets
f000
Cost
At INovember 2020 52 300 143
Additions 14 4
Disposals (29)
At 31October 2021 37 300 147
Depreciation
At 1November 2020 39 300
Charge for year 5
Disposals (23)
At 31October 2021 21 300
Net BookValue
At 31October 2021 16 147
At 31October 2020 13 143

Fixed assets, contd
llc. Investment Properties 2021 2020
6000 6000
Valuation at 1November 2020 45,255 36,482
Revaluation (loss)/gain (417) 8,773
At 31October 2021 44,838 45,255
Intangible
asset		 s - Software for own use
2021
6000
Cost
At 1November 2020 101
At 31October 2021 101
Amortisation
At 1November 2020 28
Charge for year 26
At 31October 2021 54
Net BookValue
At 31October 2021 47
At 31October 2020 73

2021 2020
6000 6000
Investments at valuation —1November 2020 8,106 8,489
Funds added 580 560
Funds removed (14) (7)
Revaluation gain/(loss) 2,185 (868)
Investment management charges (73) (68)
Investments at market value - 31October 2021 10,784 8,106
Investments at cost 8,106 7,276
Unrealised gains 2,678 830
10,784 8,106
Split ofinvestments - 31October 2021
UK listed investments 4,654 3,984
Overseas listed investments 3,077 3,679
Multi-Asset funds 980 127
Held as cash 2,073 316
10,784 8,106

HAC Enterprises HAC Flank Flank
Ltd Companies' Ball Ltd Pencelli Ltd
8000 8000 8000
Fixed assets
Tangible assets for own use 329
Shares in subsidiary
(see above)
Total fixed assets 329
Current assets
Stocks 6
Debtors 325
Other debtors and prepayments 1
Cash at bank and in hand 433
Total current assets 765
Creditors
Trade creditors 37
Accruals and deferred income 159
Amounts
owed to Company		 569 29
Total creditors 765 29
Net cunent assets/(liabilities) (29)
Net assets 300
Share capital ofsubsidiary 300
14. Debtors and prepayments Group Charity
2021 2020 2021 2020
8000 8000 8000 8000
Trade debtors 404 326 77 310
Sundry debtors 48 61 40 35
Prepayments
and		 accrued income 323 333 323 321
Taxation 5 23 5 23
Amounts
owed by subsidiaries		 (note 13) 619 218
Total 780 743 1,064 907
15. Creditors due within one year Group Charity
2021 2020 2021 2020
6000 6000 6000 6000
Trade creditors 153 163 116 146
Accruals 169 169 166 167
Deferred income 235 253 84 98
Taxation 24 21 24 21
Other creditors 106 51 106 51
Total 687 657 496 483

2021 2020
6000 OOOO
Opening liability at 1November 2020 72 86
Past service cost (10) (10)
Changes in demographic and financial assumptions 1 (4)
Closing liability 31October 2021

Year ended 31Octobe r 2021 (cont' d)
17. Charitable
Funds
a)Current period 1November Income Expenditure Investment 31October
2020 Gains/(Losses) 2021
&Transfers
Oooo fooo fooo f000
Unrestricted
Funds:
General Reserve 1,194 3,069 (2,435) (147) 1,681
Designated
Reserves		 5,932 1,386 7,318
Fixed Asset Fund 50,477 (272) (417) 49,788
Less: Pension Reserve liability (72) 9 (63)
Total Unrestricted Funds 57,531 3/)69 (2,707) 831 58,724
Restricted Funds:
Benevolent Fund 2,944 98 (65) 814 3,791
Regimental
Grants		 Fund 506 506
Light Cavalry 173 169 (172) 170
Pikemen &Musketeers 277 13 (21) 269
Other Restricted Funds 417 27 (39) 75 480
Total Restricted Funds 4,317 307 (297) 889 5,216
Endawment
Funds
Dugdale Bequest 119 0) 57
Total Funds 61,967 3,380 (3,005) 1,777 64,119
b)Prlorperiod INovember Income Expenditure Investment 31October
2019 Gains/(Losses) 2020
dr Transfers
6000 fooo fooo fooo 6000
Unreshicted
Funds:
General Reserves IP32 3,227 (3,463) (102) I,I94
Designated
Reserves		 6,281 (349) 5,932
Fixed Asset Fund 41,778 8,699 50,477
Less: Pension Reserve liability (86) 14 (72)
Total Unrestricted Funds 49,505 3&7 (3,463) 8,262 57,531
Restricted Funds:
Benevolent Fund 3,198 114 (53) (315) 2,944
Regimental
Grants		 Fund 542 1 (37) 506
Light Cavalry 170 170 (167) 173
Pikemen &Musketeers 304 32 (59) 277
Other Restricted Funds 430 7 (4) (16) 417
Total Restricted Funds 4,644 324 (320) (331) 4,317
Endowment
Funds
Dugdale Bequest 132 (12) 119
Total Funds 54,281 3,553 (3,786) 7,919 61,967
33

nded 31Octobe r 2021 (cont'd)
Analysis ofGroup net assets between Tangible and Investments Current I.iabilities Total
Funds —2021 Intangible Assets 2021
Fixed Assets
f000 f000 6'000 6000
Unrestricted
Funds
General Reserve 1,659 676 (654) 1,681
Designated
Reserves		 4,977 2,341 7,318
Fixed Asset Fund 49,788 49,788
Less: Pension Reserve liability (63) (63)
Total Unrestricted Funds 49,788 6,636 3,017 (717) 58,724
Restricted Funds
Benevolent Fund 3,745 62 3,807
Regimental
Grants		 Fund 506 506
Light Cavalry 16 54 (31) 39
Pikemen &Musketeers 272 (2) 270
Other Restricted Funds 146 229 219 594
Total Restricted Funds 162 3,974 1,113 (33) 5,216
Endowment
Funds
Dugdale Bequest 174 179
Total Funds 49,950 10,784 4,135 (750) 64,119
Analysis ofGroup net assets between Tangible Investments Current Liabilities Total
Funds —2020 Fixed Assets Assets 2020
f000 6000 6'000
Unrestricted
Funds
General Reserve 1367 562 (635) 1,194
Designated
Reserves		 3,682 2,250 5,932
Fixed Asset Fund 50,477 50,477
Less: Pension Reserve liability (72) (72)
Total Unrestricted Funds 50,477 4,949 2,812 (707) 57,531
Restricted Funds
Benevolent Fund 2,882 62 2,944
Regimental
Grants		 Fund 506 506
Light Cavalry 13 182 (22) 173
Pikemen &Musketeers 277 277
Other Restricted Funds 156 118 417
Total Restricted Funds 156 3,038 1,145 (22) 4,317
Endowment
Funds
Dugdale Bequest 119 119
Total Funds 50,633 8,106 3,957 (729) 61,967

Yea r ended 31October 2021(cont'd)
19. Payroll costs 2021 2020
6000 6000
HAC salaries (excl.Er's NI, pensioners &contract staff) 706 913
HAC employer's
National
Insurance		 71 82
HAC emoluments
(excluding pensioners
&contract staff)		 777 995
HAC Job Retention Scheme payments received (38) (66)
Light Cavalry salaries (excl. Er's NI) 71 72
Light Cavalry employer's
National
Insurance		 6 5
Light Cavalry emoluments 77 77
Light Cavalry Job Retention Scheme payments received (9)
Pensions paid 10 10
Total Staff Costs 817 1,009
2021 2020
No. No.
Average number ofHAC employees
(excl. contract staff and pensioners)		 20 22
Average number ofLight Cavalry employees 3 3
Average number ofpensioners 1 1
Total Staff 24 26
Number ofemployees
earning between		 660k and 670k
Number ofemployees
earning between		 690kand 6100k
Number ofemployees
earning between		 6110k and 6120k